Boston, MA, Oct 20, 2022 (GLOBE NEWSWIRE) — SVN | Desert Commercial Advisors represented Shopoff Realty Investments, in the acquisition of 269.6 acres of land located at E. Elliott and S. Sossaman Road. Situated in the City of Mesa boundaries, in what is considered unincorporated Maricopa County, plans for the purchase include annexing the site into the City.
As reported in Shopoff’s release; “This property is located in a burgeoning employment hub with increasing demand for manufacturing space,” said William Shopoff, the firm’s president and CEO, in a statement. “We plan to work closely with the city to annex the property into the city of Mesa, and subsequently entitle the property for manufacturing use, in order to meet market demands.”
Previously a dairy farm, Arizona Dairy Co. completed its final disposition in the immediate area with this sale. General Manager Justin Stewart reports that other parts of its agricultural land have been sold over the years, including the sale to Google of 186 acres located at the NWC of Elliot and Sossaman in 2019.
Shopoff has proposed potential plans for the development of “The Block On Elliot,” a premier manufacturing, technology, and employment park. The park could include up to fifteen buildings, at an average size of 500,000 square feet and up to 4.1 million leasable square feet. The 269.9 acres are positioned within the Elliot Road Technology Corridor. Deemed by the City of Mesa as, “A Smart Location for High-Tech Manufacturing and Technology Companies.” Mesa Economic Development Director Bill Jabjiniak comments, “With the success, we’ve had in the formal part of the Elliot Road Technology Corridor, it sort of makes sense with Google on the northwest corner to continue the theme and focus of technology all along Elliot Road.”
Dylan Sproul and Paul Borgesen of SVN Desert Commercial Advisors negotiated the transaction on behalf of the buyer, Shopoff Realty Investments. Dylan Sproul stated, “It was a pleasure working with Shopoff Realty on this transaction. Given the complexity of taking an active dairy operation to a fully demolished and environmentally clean site in the span of 8 months, in addition to funding this deal in a tumultuous capital market environment, is a true testament to their innovative and nimble approach. Shopoff now owns the largest development-ready industrial park in the entire Southeast Valley. We are very excited to see the economic growth this development brings to the City of Mesa and the Mesa-Gateway Airport.”
The proposed “Block On Elliot” development sits just North of Sossaman Park 202. Among the first major ground-up developments around Sossaman and Warner Roads, with the help of Paul Borgesen and Dylan Sproul, the 112 acres of land was acquired by California firm Contour in December 2021. Phase 1 of the 1.55-million-square-foot industrial development broke ground in September 2022. Alongside Google’s Project Red Hawk, Facebook’s $800 million Meta Mesa Data Center, Apple’s Global Command Center, EdgeCore Data Center, and many more high-tech companies, these planned developments serve as a catalyst for future growth in the Mesa-Gateway area.
About SVN | Desert Commercial Advisors
SVN | Desert Commercial Advisors is a full-service commercial real estate services firm providing comprehensive expertise in investment brokerage, leasing, landlord/tenant representation, analysis/valuation and market research. We specialize in multifamily, industrial, retail, office, medical/dental, restaurant, and land/development. Visit our website at www.SVNDesertCommercial.com for more information.
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